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<PAGE> PAGE 2
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<PAGE> PAGE 3
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SIGNATURE JENNIFER B. MCHUGH
TITLE ATTORNEY
February 16, 1995
To the Board of Trustees of
New York Life MFA Series Fund, Inc.
In planning and performing our audit of the financial statements
of the Capital Appreciation Portfolio, Cash Management Portfolio,
Government Portfolio, High Yield Corporate Bond Portfolio,
International Equity Portfolio, Total Return Portfolio, Value
Portfolio, Bond Portfolio, Growth Equity Portfolio, Indexed
Equity Portfolio, separate portfolios constituting the New York
Life MFA Series, Inc. (the "Fund") for the year ended December
31, 1995, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our
auditing procedures for the purposes of expressing our opinion on
the financial statements and to comply with the requirements of
Form N-SAR, and not to provide assurance on the internal control
structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that
assets are appropriately safeguarded against loss from
unauthorized use or disposition and that transactions are
executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements
in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and may not be
detected. Also, projection of any evaluation of the structure to
future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the
design or operation of the specific internal control structure
elements does not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted
no matters involving the internal control structure, including
procedures for safeguarding securities, that we consider to be
material weaknesses as defined above as of December 31, 1995.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
PRICE WATERHOUSE LLP
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> ECLIPSE FINANCIAL ASSET TRUST
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<NAME> ECLIPSE BALANCED FUND
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> ECLIPSE FINANCIAL ASSET TRUST
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<NAME> ECLIPSE ULTRA SHORT TERM INCOME FUND
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000802209
<NAME> ECLIPSE FINANCIAL ASSET TRUST
<SERIES>
<NUMBER> 04
<NAME> ECLIPSE GROWTH AND INCOME FUND
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<S> <C>
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</TABLE>
